Forex sales had been severely affected by a steep plunge in dollar demand owing to the disruption of market and economic activities as well as air travel plans by the COVID-19 outbreak had been, some BDCs confirmed.

Similarly, the value of the Naira had been on a free fall for days on end following the glut-induced slump in the demand for oil in the international oil market where lockdowns in many nations of the world has reduced oil demand significantly.